EGX plummets as Emaar Misr loses 10% day after debut
Egyptian Exchange - YOUM7

CAIRO: The Egyptian Exchange (EGX) posted a sharp slip at the close of Monday’s session, hammered by selling pressures a day after listing leading property developer Emaar Misr.

Emaar Misr, the subsidiary of the UAE’s Dubai-based developer Emaar Properties, started trading on Sunday at an opening price of 3.8 EGP/share, but heavy selling pressures dragged the share to close below offer price.

On Monday, Emaar Misr plunged 9.9 percent to hit 3.55 EGP at close, compared to 3.75 EGP on Sunday.

The benchmark index EGX30 plummeted 4.23 percent to end Monday at 7,871 points, down from 8,218 points on Sunday.

The market bellwether, CIB, dropped 4.13 percent to close at 53.49 EGP per share, compared to 55.49 EGP per share on Sunday.

Further, the small and mid-cap index EGX70 slipped 3.08 percent to end at 425 points, compared to 438.51 points in its last session. The broader index EGX100 also dipped 2.81 percent to close at 902.56 points.

Marketcapitalization shed around 12 billion EGP ($157.22 million,) totaling 484.1 billion EGP, down from 496.1 billion EGP Sunday.

Egypt’s market rode a sharp downward wave since last week, amid growing concerns over wide-scale militant attacks in Egypt’s restive North Sinai shortly after the assassination of Attorney General Hisham Barakat in a car bombing Monday

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